What is Banking - Banking Basics
The banking industry is a dynamic and significant component to individuals, corporates, small and medium businesses, national and global, economic, socio and financial well-being. This industry cultivates financial relationships with customers of all sizes to supply financial products and services that stimulate economic growth, and act as a catalyst to national and global economics. The industry players produce a variety of services from savings accounts to home and business loans and mortgages, and from fund mobilization to handling global mergers and acquisitions. This industry is sensitive to regulatory, technological, and economic factors and has its own share of challenges largely attributable to these factors. New developing economies are changing the global landscape of economic wealth and economic instruments and banking industry is adapting very fast to provide new generation of innovative banking products and services. Banking industry is adopting unique strategies to overcome these challenges and move forward to deliver financial objectives to people and organizations.
In this section we will understand the key concepts and terminology associated with the banking industry and will focus on identifying the main sectors and its business drivers.